Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets.

Portfolio Composition

% OF NET ASSETS

1. Coherent

1.3

2. HEICO Corp.

1.2

3. MarketAxess Holdings

1.2

4. Copart

1.0

5. Ash Grove Cement Cl.B

1.0

6. Ritchie Bros. Auctioneers

1.0

7. CORE-MARK Holding Co.

1.0

8. Federated Investors Cl. B

0.9

9. E-L Financial

0.9

10. Reliance Steel & Aluminum

0.9

TOP 5 SECTORS

% OF NET ASSETS

Industrials

29

Financials

20

Information Technology

18

Consumer Discretionary

12

Materials

8

Recent DevelopmentsRoyce Value Trust is a closed-end diversified management investment company whose shares of Common Stock (RVT) are listed and traded on the New York Stock Exchange. Its primary investment goal is long-term capital growth, which it seeks by investing at least 65% of its assets in equity securities primarily of small- and micro-cap companies.

Daily net asset values (NAVs) for Royce Value Trust are now available on our website and online through most ticker symbol lookup services and on broker terminals under the symbol XRVTX. For more information, please call The Royce Funds at (800) 221-4268 or visit our website at www.roycefunds.com.

An investor in Royce Value Trust should consider the Fund's investment goals, risks, fees, and expenses carefully before investing.